Skechers Says Comfortable Products and Omnichannel Sales Drive Record Growth

Comfortable shoes, widespread product distribution and marketing are paying off for Skechers.

The footwear and apparel brand has achieved four consecutive quarters of record sales and reached annual sales of $7.4 billion in 2022 — a total that was 18% higher than that of the previous year, Skechers said in a Thursday (Feb. 2) press release.

“Our four quarterly sales records in 2022 are the result of our focused marketing efforts, extensive distribution network and core design principles — style, comfort, innovation and quality, all at a reasonable price,” Skechers Chief Operating Officer David Weinberg said Thursday during the company’s quarterly earnings call.

Casual footwear company Crocs, too, has seen growing demand for casualization and comfort. The firm said in January that 2022 was “an exceptional year” for its Crocs and Heydude brands.

Similarly, Foot Locker said sales of sneakers are growing because the products are fun and casual, and Under Armour said it sees a $300 billion opportunity by addressing the market for casual wear.

Weinberg said keys to Skechers’ record fourth-quarter sales included the introduction of a line of comfortable, hands-free, slip-in shoes, its overcoming of continuing supply chain disruptions, and its gains in both direct-to-consumer (D2C) and wholesale channels.

“As a consumer-driven company, we focus on what shoppers want and deliver it as efficiently as possible to our global wholesale partners,” Weinberg said during the call. “This allows us to reach our loyal base where and when they want to shop — be it department stores, family channels or their favorite specialty store.”

D2C is another key focus for Skechers, and the company is continuously working to create a seamless omnichannel experience. To that end, it is adding eCommerce sites in Peru and Colombia, updating its platform in Chile and rolling out a loyalty program that began in Canada last month, Weinberg said.

Looking ahead, Skechers said in the press release that it expects to achieve sales of $7.75 billion to $8 billion during fiscal year 2023, and CEO Robert Greenberg said the company has a goal of $10 billion in sales by 2026.

“The $10 billion goal for us is still eminently achievable,” Skechers Chief Financial Officer John Vandemore said during the call. “We feel very good about where we sit as a brand, the strength of our product portfolio, and what we’reseeing across the broad swath of where we operate in the world today. It’s noteworthy that we saw growth pretty much across the board, certainly in all channels but for those that continue to be impacted by COVID.”

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